Cardano (ADA) Uptrend Faces Hurdles: Will Bulls Break the Barrier?
December 12 2024 - 11:08PM
NEWSBTC
Cardano price started a downside correction from the $1.1780 zone.
ADA is consolidating and facing hurdles near the $1.180 and $1.200
levels. ADA price started a decent increase from the $0.910 support
zone. The price is trading above $1.050 and the 100-hourly simple
moving average. There is a major bearish trend line forming with
resistance at $1.160 on the hourly chart of the ADA/USD pair (data
source from Kraken). The pair could start another increase if it
clears the $1.180 resistance zone. Cardano Price Eyes Upside Break
After forming a base above the $1.00 level, Cardano started a fresh
increase like Bitcoin and Ethereum. ADA was able to climb above the
$1.050 and $1.120 resistance levels. However, the bears were active
below the $1.20 level. A high was formed at $1.1781 and the price
is now consolidating gains. There was a minor decline below the
$1.120 level. The price dipped below the 23.6% Fib retracement
level of the upward move from the $0.910 swing low to the $1.1781
high. Cardano price is now trading above $1.050 and the 100-hourly
simple moving average. On the upside, the price might face
resistance near the $1.150 zone. There is also a major bearish
trend line forming with resistance at $1.160 on the hourly chart of
the ADA/USD pair. The first resistance is near $1.180. The next key
resistance might be $1.20. If there is a close above the $1.2
resistance, the price could start a strong rally. In the stated
case, the price could rise toward the $1.2280 region. Any more
gains might call for a move toward $1.250. Another Decline in ADA?
If Cardano’s price fails to climb above the $1.180 resistance
level, it could start another decline. Immediate support on the
downside is near the $1.10750 level. The next major support is near
the $1.050 level or the 50% Fib retracement level of the upward
move from the $0.910 swing low to the $1.1781 high. A downside
break below the $1.050 level could open the doors for a test of
$1.00. The next major support is near the $0.920 level where the
bulls might emerge. Technical Indicators Hourly MACD – The MACD for
ADA/USD is gaining momentum in the bearish zone. Hourly RSI
(Relative Strength Index) – The RSI for ADA/USD is now below the 50
level. Major Support Levels – $1.070 and $1.050. Major Resistance
Levels – $1.160 and $1.180.
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